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September 3, 2020 Newsletter 6 min read
Welcome to Credit Union Perspectives, your hub for insights on everything from updated CECL, SEC, and FASB guidance to cybersecurity issues such as identity theft and data security. Subscribe now.

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Q3 2020

Manage risk today, prepare for tomorrow
The pressure is on to manage a shifting landscape of risks and regulatory requirements while also improving performance. We've got you covered. Our Credit Union Perspectives has returned to a monthly format to bring you new strategies and updates to adapt faster and emerge stronger.

COVID-19 loan modifications: Regulators highlight importance of risk management
Recent regulatory guidance highlights the importance of sound risk management practices for loan modifications made in response to COVID-19. To make sure you’re getting it right, stay-up-to-date with the latest regulatory guidance.

COVID-19 loan modifications: Accounting considerations
Practical guidance and resources for assessing TDR classification under Section 4013 of the CARES Act and the Revised Interagency Statement have been issued by the FFIEC clarifying the treatment of loan modifications as a result of COVID-19.

PPP loans: What financial institutions need to know related to accounting
If you gave out PPP loans, you may be wondering how to account for them. While FASB hasn’t issued guidance, the AICPA released technical Q&As to help guide you. We break them down here.

Paycheck Protection Program loan forgiveness: Your top questions answered
Our webinar on the Paycheck Protection Program’s loan forgiveness application generated plenty of questions. We’ve compiled answers to some of the most common requests.

FMS and Plante Moran: Key accounting and financial reporting updates webinar
Join us for an insightful and pertinent accounting and financial reporting update, covering topics including PPP loans, mortgage banking considerations, and more.

Q3 2019

CECL guidebook part 3: Applying the current condition and reasonable and supportable forecasts
This new guidebook takes the next step toward using simpler loss rate methodologies. Specifically, how to apply the current condition and reasonable and supportable forecast adjustments.

The strategic side of cybersecurity governance
Most financial institutions’ cybersecurity programs are tactical or project-oriented. This piecemeal approach to cybersecurity is inefficient and increasingly risky, given the number of new compliance requirements and privacy and security laws. Do you have a comprehensive strategy?

Banking regulations and fintech compliance: A two-fold approach to risk management
Financial technology, or fintech, companies are revolutionizing the services offered by financial institutions. However, innovation isn’t without risk. We break down the risks and how to approach your risk management program for all parties.

Lease accounting: Take advantage of the ASC 842 delay to avoid debt covenant violations
ASC 842’s changes to lease accounting could put your company in violation of debt covenants. We look at how a proactive response can help you avoid problems when the new rules go into effect.

Outsourcing IT services is the "new normal." But is it for you?
Whether you need to augment staff, complete a one-off project, or farm out an entire IT function, outsourcing can be a stroke of genius or a huge mistake. Is strategic outsourcing right for you, and how do you leverage it?

Year-end tax planning opportunities and tax reform

Surviving sea change: Why some businesses sink and others stay afloat
Competitors are coming for your market share, the pace of change is accelerating, and a potential economic downturn is on the horizon. What are you doing to prepare?

Q2 2019

FASB proposes delay in effective dates for CECL
New accounting rules have created a considerable burden for private companies and smaller reporting companies, but good news — the FASB has proposed to delay the effective dates for four major accounting standards to give management more time to successfully implement these changes.

Outsourcing IT services is the "new normal." But is it for you?
Whether you need to augment staff, complete a one-off project, or farm out an entire IT function, outsourcing can be a stroke of genius or a huge mistake. Is strategic outsourcing right for you, and how do you leverage it?

Leadership at the Detroit Lions: CFO Allison Maki on coaching with kindness
Working as CFO in an organization of high-performing people, Allison Maki has learned the power of human kindness and authenticity while leading a team "doing ordinary work at an extraordinary place" where success equals games won versus a strong income statement.

Upcoming credit union events
Plante Moran credit union experts will be speaking at upcoming MCUL, Mortgage Bankers and Financial Managers events and conferences.
Please join us.

Q4 2018

From CECL to capital stress testing: What you should know about model validation
As regulators scrutinize financial institutions’ ever-expanding use of models, many organizations are reviewing their model risk management framework to ensure compliance, reduce risk, and improve business results.

Seven questions to help evaluate the strength of your cybersecurity program
Is your cybersecurity program as strong as you think it is? Find out by answering these key questions.

Learn from Leaders
The Detroit Lions, Carhartt, and PVS Chemicals share their best leadership tips.

Plante Moran announces new financial services partner Sherrie Krowczyk-Mendoza
Plante Moran is pleased to announce that Sherrie Krowczyk-Mendoza has joined the firm as a partner in its financial services practice.

Q3 2018

Updates on CECL
On July 25, the Financial Accounting Standards Board (FASB) voted to amend its CECL transition guidance to provide nonpublic business entities (non-PBEs) a later implementation date for CECL.

The new effective date for non-PBEs is expected to be for fiscal years that begin after Dec. 15, 2021. Accordingly, any company that qualifies as a non-PBE would adopt CECL and adjust its opening retained earnings balance as of Jan. 1, 2022.

CECL remains effective for SEC registrants in the fiscal years that begin after Dec. 15, 2019, and PBEs in the fiscal years that begin after Dec. 15, 2020.

How to spot a fraudster 
Occupational fraud continues to cost businesses, some quite severely. In most cases, the perpetrators share several traits and behavior patterns. Be on the lookout for these red flags.

Protect your digital assets with these cybersecurity best practices
Looking for steps you can take to improve your data loss protection? Look no further. These cybersecurity best practices will help you stay a step ahead of hackers and can keep you and your clients safe.

Q2 2018

Spotlight on CECL
ECL guidebook part two: Loss rate calculations of the allowance for loan and lease losses
Wondering how to move forward with the process of adopting CECL? We believe the next step is putting pen to paper and working with the mechanics of a CECL calculation to fully grasp the data needs of the available approaches. 

CECL: Select what’s best for your institution
With the new CECL accounting standard approaching, institutions are re-evaluating their methodologies. The more complex choice isn’t always better. Are you selecting the right methodology for your institution?

How to spot a fraudster
Occupational fraud continues to cost businesses, some quite severely. In most cases, the perpetrators share several traits and behavior patterns. Be on the lookout for these red flags.

Q1 2018

CECL: Our reaction to the regulatory webinar and examples

New lease standard: What you need to know right now
The new lease standard will have broad accounting implications for businesses. Here are the key considerations, steps entities should take now, and a timeline for implementation to ensure a smooth adoption.

Cybersecurity: Taking aim at a fast-moving target
How easy is it to access your personal and professional data? According to Joe Oleksak’s real-time hack, way too easy.

Fostering staff engagement by putting people first
Plante Moran was recently named one of Fortune magazine's "100 Best Companies to Work For" for the 20th year in a row. Why? Because of our people and our environment centered around high-touch relationships, transparency, and trust.